Biotrin Seeks Listing On Stock Market

Having recently raised IRL7.6 million ($11.1 million) from a privateplacing (Marketletter November 10), Biotrin Holdings, a biotechnology company based in Dublin, Ireland, has announced that it will seek a stock market listing in London and possibly Dublin within the next 12 months. The company said that the placing price is expected to be IRL15.40 per ordinary share.

Biotrin has expressed a preference for London because it is "a more sophisticated market for biotechnology companies," but flotations on either the EASDAQ or NASDAQ markets have not been ruled out.

US Expansion Plan Cormac Kilty, Biotrin's president and chief executive, said that the placing had been structured to widen the shareholding base, although all its existing investors, including ICC Venture Capital and New York Life, had taken part in the equity issue which values the company at IRL28 million. Dr Kilty said the funds raised would be used for R&D and expansion into the US market.